ABS data highlights wine price drop
The latest figures from the Australian Bureau of Statistics (ABS) have shown that while the overall Consumer Price Index (CPI) rose by 0.5 per cent, there was a 1.9 per cent drop in wine prices.
The figures relate to the December quarter 2018, which also saw a 0.1 per cent drop in the price of spirits, while beer saw now price differential. The price drop for wine comes after a 1.3 per cent increase in price for the previous September quarter, which also saw spirits up 0.3 per cent and beer up 0.9 per cent.
Comparing products to the previous December quarter (2017), wine is down 0.4 per cent, while spirits and beer have both increased, up 2.5 per cent and 3.5 per cent respectively, which the twice yearly excise duty increases.
ABS Chief Economist, Bruce Hockman said: “Annual growth in the CPI remains below 2 per cent in the December quarter 2018, with annual growth in tradables inflation of just 0.6 per cent, while non-tradables inflation rose 2.4 per cent. Over the past four years, annual growth in the CPI has only risen above 2 per cent in two of the past 16 quarters.”
The most significant rises in the December quarter are tobacco (+9.4 per cent), domestic holiday travel and accommodation (+6.2 per cent), fruit (+5.0 per cent), new dwellings purchased by owner-occupiers (+0.4 per cent) and furniture (+1.8 per cent). The rise is partially offset by falls in automotive fuel (-2.5 per cent), audio visual and computing equipment (-3.3 per cent), wine (-1.9 per cent) and telecommunications equipment and services (-1.5 per cent).
One capital city which reversed the nationwide wine price decrease was Darwin, where the impact of the Territory’s Government minimum unit pricing policy is seen with wine prices up 11.5 per cent and beer up 1.5 per cent.